DailyFX: Analyst picks January 13, 2014 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short sterling-Aussie and sterling-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Near-term technical momentum has quickly shifted for the pound, which has seen yields drop over the past week. Tomorrow’s December UK consumer price index (CPI) report could affect [...]
Companies hit out at code for failing to stop late payments January 13, 2014 BUSINESSES are scathing about the government’s Prompt Payment Code scheme, with opinion split between those firms who believe it is ineffective and those who have not heard of it. The voluntary system is designed to combat late payments to firms, and attempts to encourage payments within 30 days for public sector contracts. The period for [...]
Letters to the editor – 14/01 – Cheap money, Housing crunch, Best of Twitter January 13, 2014 Cheap money [Re: Raise interest rates gradually or risk a much sharper swing of the pendulum, Friday] We need to ask ourselves what kind of a recovery is consistent with near-zero interest rates worldwide and continued quantitative easing (QE) in the US. If the US economy is adding hundreds of billions of dollars to GDP [...]
Wall St The Week Ahead: Big banks will set pace in new earnings round January 12, 2014 AFTER the S&P 500’s impressive 30 per cent return in 2013, Wall Street will get a better picture of reality this week as the pace picks up for companies reporting earnings. A number of big banks are due to report quarterly and full-year results, including JPMorgan Chase and Wells Fargo tomorrow, Bank of America on [...]
Carney welcomes nomination of former colleague Stanley Fischer as Fed vice chair January 10, 2014 Bank of England governor Mark Carney has shared some kind words for a former colleague, Stanley Fischer (pictured). Carney says that he is "delighted by the prospect of Stan Fischer re-joining the global community of central bankers" as Fischer was nominated to the position of Federal Reserve vice chairman by US President Barack Obama today. [...]
This analyst says the Federal Reserve needs to learn a crucial hockey skill January 10, 2014 The Federal Reserve's job is complex. It has to simultaneously avoid high unemployment while keeping inflation steady, and that can sometimes lead it to cause "new, potentially bigger problems down the road" says Deutsche Bank strategist Oleg Melentyev. That's meant that policy makers have created new and complex monetary tools. Current monetary policy is "creating [...]
Bitcoin wins the heart of libertarian CEO January 10, 2014 Encouraged by positive Senate hearings in November and enthusiastic Bitcoin processors, online retailer Overstock.com has decided to take the plunge and accept the cryptocurrency. In the first 90 minutes of Bitcoin sales, the site received around 150 orders. Overstock took the decision several months earlier than had been planned. The libertarian chief executive of Overstock.com, [...]
What you need to know before the open – 10/01 January 10, 2014 We've got the much-awaited US non-farm payroll report later today, and European markets are expected to open higher this morning. US markets saw no real change overnight. An earlier sell-off saw investors hedging their bets in anticipation of today's data. Morning all. #FTSE called 25 higher this morning. not a lot else hapening as [...]
US growth cuts number of new jobless claims January 9, 2014 THE NUMBER of new claims for US unemployment benefits dipped last week, as the American labour market continues to strengthen. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 330,000 in the week ending on 4 January, according to official statistics released yesterday. Economists had expected them to fall to just 335,000. The [...]
New York Report: Investors wait on jobs report for Fed hints January 9, 2014 US STOCKS ended little changed last night in a choppy session ahead of today’s payrolls report, which may provide insights into whether the Federal Reserve will announce another cut in quantitative easing at its meeting this month. Retail and telecom stocks ranked among the day’s biggest losers. The S&P retail sector index slipped 0.2 per [...]